Teladoc well being layoffs: CEO Jason Gorevic pronounces 300 cuts

Teladoc well being is shedding 300 workers or 6% of its workforce, CEO Jason Gorevic said in an e mail to workers Wednesday.

Gorevic said the telehealth agency is eliminating redundant non-scientific roles that resulted from its $18.5 billion acquisition of digital well being agency Livongo well being in 2020. He additionally said the agency is pushing in direction of a path to profitability. 

“These actions put us on an excellent stronger monetary footing at a time when lots of our rivals are questioning their potential to maintain their doorways open,” Gorevic said inside the e-mail. 

The layoffs observe a difficult 2022 for the agency. It recorded a $9.eight billion web loss for the foremost three quarters of the yr, largely as a consequence of a $9.6 billion goodwill impairment cost associated to the Livongo merger. Its inventory value has sunk from its extreme of $296.sixty six a share in February 2021 to $28.22 a share at Tuesday’s shut. 

finally week’s J.P. Morgan Healthcare convention, Gorevic referenced what he said was the agency’s aggressive benefit over rival telehealth suppliers to climate financial headwinds.

“lots of the small rivals on the market, whether or not or not they’re public or private, lack the dimension to ship strong monetary outcomes persistently,” Gorevic said. “There are a full lot of digital care firms on the market that are extra narrowly centered, smaller in scale and are nipping on the perimeters of single [software] options.”

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